What's it: Autarky is a system or philosophy in which an economy seeks to be self-sufficient. If a country adopts this system, it will try to meet its needs from within. And suppose the country is not involved in international trade or capital flows.
International Trade
Trade Sanctions: A Tool for Change (Reasons, Effectiveness, Types, Impact, Pros, Cons)
What's it? Trade sanctions are formal penalties for a country to stop or reduce the purchase or sale of goods. The sanctioner may be a country with a strong economy, such as the United States, or several countries together or through an international
Non-Tariff Barriers: Hidden Hurdles in Global Trade – Types, Reasons, Pros, Cons
What's it: Non-tariff barrier is an obstacle to restricting international trade through non-tax or duty instruments. Together with tariff barriers, they form trade barriers.Non-tariff barriers have an impact on the flow of goods into and out
Closed Economy vs. Open Economy: Trade-Offs & Global Growth
What's it? A closed economy is one without transactions with other countries. Its growth relies on household consumption, business investment, and government spending.It is impossible to find countries that adopt a closed economy. Almost all
Comparative Advantage Explained: Assumptions, Examples, Criticisms
What's it: Comparative advantage is a favorable position arising from producing goods and services at a lower opportunity cost. This concept is important in explaining international trade and specialization in production. That answers why countries
Terms of Trade: Understanding a Country’s Trading Power and & Its Impact
Terms of trade (TOT) are a crucial concept in international trade, reflecting a country's relative trading position. They essentially measure how much a country can import with its exports. By understanding it and the factors that influence it, you